Arcutis Biotherapeutics Announces $200M At-The-Market Common Stock Offering

ARCUTIS BIOTHERAPEUTICS, INC.

$200,000,000

Common Stock

We have entered into an amended and restated sales agreement, or the Sales Agreement, with TD Cowen, relating to shares of our common stock offered by this prospectus supplement and the accompanying prospectus. In accordance with the terms of such Sales Agreement, under this prospectus supplement and the accompanying prospectus, we may offer and sell shares of our common stock having an aggregate offering price of up to $200,000,000 from time to time through or to TD Cowen acting as our agent.

Our common stock is listed on the Nasdaq Global Select Market under the symbol "ARQT." On November 3, 2026, the last reported sale price of our common stock on the Nasdaq Global Select Market was $32.00 per share.

Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus will be made by any method permitted by law, including, without limitation, an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or the Securities Act, including, without limitation, sales made through Nasdaq, or any other existing trading market for our common stock, or in negotiated transactions, including block trades or block sales, and in each case in compliance with the Sales Agreement. TD Cowen is not required to sell any specific amount of securities, but will act as our sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between TD Cowen and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.